What Secure Loans Are And How You Can Get One

What Secure Loans Are And How you​ Can Get One
If you​ have tried for both secure and unsecured loans and been turned down there are other options .​
You can secure loans with someone elses collateral,​ good credit and signature .​
These are called cosigned loans .​
You should consider,​ however,​ if​ this inability for you​ to​ secure loans on​ your own might not mean its time to​ improve your credit standing rather than time to​ borrow more money .​
Might you​ not be financially in​ over your head if​ the​ bank thinks you​ are not going to​ be able to​ pay the​ loan back yourself?
Instead of​ a​ co signing you​ could,​ for example,​ ask if​ they could lend you​ a​ lesser amount on​ your own .​
in​ fact,​ unless you​ absolutely cannot put off borrowing the​ original amount consider making that purchase until you​ can do something to​ improve your credit or​ pay cash for the​ purchase .​
The best thing to​ do,​ no matter what your final decision is​ to​ ask the​ lender what you​ should do to​ change its attitude towards letting you​ secure loans on​ your own .​
Once you​ know what that bank is​ looking for,​ follow that advice .​
There are generally two reasons that a​ financial institution wont let you​ secure loans without a​ co-signer .​
The first reason is​ bad credit .​
The second reason is​ that you​ are borrowing for the​ first time and have no credit history.
Either way the​ reason is​ about your credit .​
In either case the​ lender may require that you​ find someone else to​ sign on​ the​ dotted line that if​ you​ dont pay the​ loan he or​ she will .​
This is​ your cosigner .​
These guaranteed,​ or​ co-signed loans,​ while they secure loans for a​ would–be borrower,​ are risky ventures for the​ cosigners .​
While it​ may not be that the​ person needs that cosigner because she or​ he does not pay her bills,​ it​ probably is​ the​ case.
Before anyone agrees to​ cosign and thus secure any loans for any friend or​ family member they should consider the​ persons ability to​ make the​ payments on​ their own,​ the​ persons character,​ and whether they themselves could afford to​ pay the​ balance if​ the​ borrower did not .​
The other thing to​ consider is​ whether the​ cosigning is​ worth losing the​ friendship which so often happens in​ these cases .​
The other thing to​ keep in​ mind is​ that if​ you​ cosign a​ loan for someone else it​ becomes a​ loan to​ you​ for purposes of​ your credit report .​
When you​ apply for any credit on​ your own it​ can affect you​ ability to​ secure your own loans,​ as​ your friends loan will alter your debt to​ income ratio .​
What a​ lot of​ folks do not know is​ that if​ you​ have cosigned a​ loan that has been paid satisfactorily for an​ extended time period you​ can ask that creditor to​ take your name off the​ loan .​
Do ask that lender to​ report the​ removal of​ your name to​ the​ major credit bureaus.
This might be difficult to​ do,​ however,​ if​ the​ loan you​ cosigned is​ for a​ mortgage .​
Homes get refinanced and lenders may be more reluctant to​ remove your name .​
Its worth the​ effort,​ however,​ since that amount of​ money can really impact your ability to​ secure your own loans.

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